Most Californians who are contemplating a divorce are aware that California is a community property state, but they are not certain how those laws will affect the division of their property. The effect of the community property statutes is especially important for couples who have accumulated a large amount of property beyond their main residence and its furnishings. For these couples, how their property will be divided can have a significant financial impact on their post-divorce lives.
For California couples who are divorcing, the level of wealth they had before the marriage or accrued while they were married can be a critical point in the process. Whether the accumulation of assets was due to a business that the couple built together or one spouse was better off financially than the other, having legal advice can be a key factor in navigating the difficult terrain of a high-asset divorce. This is true whether there was a prenuptial or postnuptial agreement.
With the number of people in California, it is inevitable that divorces will happen. Cases where people have significant assets can be contentious and have a lot at stake. When preparing to file for a high-asset divorce, both sides should have legal assistance from the start.
The divorce laws in California are predicated on the assumption that both spouses will provide a complete and accurate financial disclosure to the other spouse. This assumption cannot always be trusted if the divorce involves a high-asset couple. Humans being humans, some may find that the instinct to hide assets from the other spouse to avoid sharing those assets is strong. This instinct can lead one or both parties to wrongfully attempt to hide significant assets from the other party.
When a divorcing California couple turns to valuing their assets, one of the most difficult issues is the value of a jointly owned business. Many couples start small businesses early in their marriage and devote significant energy to making the business a success. Whether the success is modest or significant, the value of the company can add significant stress to settling property division issues, especially if the couple is looking at a high-asset divorce. One of the most efficient ways of determining the value of a business is to hire an experienced business appraiser.
The last few weeks and days before a wedding are usually filled with much joyous anticipation, even for persons entering a second or third marriage. California couples who are marrying for the second or third time may face an uncommon threat to their joint happiness: concern about disposing of substantial assets in a high asset divorce.
After trying to make your marriage work, you and your partner are preparing for a divorce. You feel overwhelmed, and you have barely even started the divorce process. You have done some research, and you are contemplating choosing a collaborative divorce rather than proceeding to court.